AFYREN (ALAFY) H2 2025 earnings summary

Executive summary

• 2025 marked the shift to continuous industrial production, with nearly 400 tonnes of biobased acids produced and first significant plant sales; ramp-up remains the central challenge.

• A €23m capital increase and €14m of non-dilutive funding supported plant optimisation and expansion; a further €7m equity raise followed in February 2026.

Financial highlights

• IFRS revenue was €2.273m in 2025, down 21% YoY from €2.862m; €1.370m came from licence and industrial know-how development, with the balance from other services.

• IFRS operating loss was €7.147m versus €6.078m in 2024; net loss widened to €14.366m from €9.754m, including an €8.762m share of AFYREN NEOXY losses.

• Basic and diluted EPS were both -€0.53 in 2025, versus -€0.37 in 2024.

• Year-end cash was €35.2m and total borrowings and financial liabilities were €2.4m, including lease liabilities; parent-company cash consumption was ~€6m.

Outlook and guidance

• 2026 plans target a significant increase in plant production and turnover, with scheduled shutdowns in June and Q4 for consolidation and optimisation extending through 2027.

• An ~€20m investment programme targets 20kt annual capacity, versus 16kt initially planned, and plant EBITDA of €14m versus prior projections of €9m.

• Break-even at the plant and then at Group level is the goal after the investment phase; progress will inform a potential plant 2 investment, envisaged for 2028 and commissioning in 2030.

• France and Thailand projects are at advanced development stages, with planned capacities of 24kt/year and 28kt/year, respectively; each targets profitability above the first plant.